Whereas by Order in Council made under the Local Government Loans Board Act 1926 on 1 December 1954 consent was given to the raising by the Auckland Harbour Bridge Authority of the Auckland Harbour Bridge Loan No 3 1954 of 5,002,000 pounds;
And whereas the Authority has raised as the first part of the loan the sum of 375,000 pounds on and from 13 December 1954;
And whereas in accordance with the terms, conditions, and stipulations determined by the Local Government Loans Board that part of the loan should have been raised on and from 31 January 1955;
And whereas it is desirable to validate the raising of that part of the loan:
Be it therefore enacted as follows:
The action of the Auckland Harbour Bridge Authority in raising the sum of 375,000 pounds as the first part of the loan on and from 13 December 1954 is hereby validated, and that sum is hereby declared to have been lawfully borrowed.